Leasing vehicles has become the norm in modern society due to their flexibility and inexpensiveness. Vehicles can be leased from businesses to avoid issues later because many businesses have been working in this regard. These vehicles can be leased for business, personal, or any other sort of activity. It has become an incredible option to lease a car for two or four years instead of buying and paying for the vehicle’s ownership.
While leasing a vehicle, it is important to track vehicle mileage for several reasons. Tracking all the miles traveled by a particular vehicle is an important aspect of leasing vehicles. A vehicle mileage tracker is a tool for calculating the total miles covered by a leased vehicle and storing data so that it can be used later.
Tracking the mileage of leased vehicles is significant because these vehicles are allowed a limited coverage of miles over a specific period, i.e., a year. For instance, if the mileage for a vehicle is 12000 miles for 12 months and the lessee exceeds this limit, he would be charged additionally for all the miles he traveled exceeding 12000.
Contents
Vehicle mileage trackers can be digital and can be read digitally without human involvement, or they can be managed in the form of a document to track the miles traveled. As a document, trackers are maintained as a worksheet, and related information is added in an organized manner.
These documents collect the following types of data while tracking:
- Vehicle identification: model, manufacturer, registration number, and other details of each vehicle are mentioned for identification.
- Miles traveled: the number of miles before and after the vehicle lease is noted to calculate the total miles traveled.
- Duration: the period of the vehicle lease is mentioned to calculate mileage accurately.
A basic template of the lease vehicle mileage tracker is given below.
| Start date of lease | Initial odometer reading | Final odometer reading | Miles travelled | End date of lease | Purpose of travel |
The above-mentioned template can be altered to add more information depending on the requirements of the business. Odometer readings tell about initial mileage, whereas after the lease is over, total mileage can be deduced. Such trackers can be individually maintained for each vehicle owned by a business. It provides a symmetrical system of vehicle lease and mileage history.
Significance
Lease vehicle mileage trackers have been considered significant due to the following reasons:
- Organized data: the data obtained at the end is organized and can be used as a reference.
- Mileage track: the mileage of a leased vehicle can be deduced accurately, and additional charges can be made if the vehicle exceeds its limit.
- Digital trackers: businesses with large turnovers use digital trackers that use GPS systems installed in vehicles to calculate their mileage. These systems are rapid, convenient, and organized. Data about every vehicle can be maintained separately and stored for a very long period.
- Maintenance: tracking the mileage of a leased vehicle can help in scheduling regular maintenance because leased vehicles require proper services and repair before they are leased further.
The template file. Size: 92 KB
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